Since you’ve taken the time to make a plan and build an investment portfolio, you’ll want to know how it’s doing and what you could do to help it along. To do that, take advantage of the tools provided to you.
How do I check if I’m on track?
The financial statement you periodically receive might seem intimidating. But it really only has to answer three key questions:
- How am I doing?
- Am I on track?
- What could I do to reach my goals?
Ideally, you should find these answers at a glance, on the first page.
Online tools
Most financial institutions, plan providers and sometimes employers, associations or other sponsoring entity offer you access to a secure site where you can check your holdings and manage your plans. If you have a plan with us, we urge you to visit the VIP Room and take advantage of all the tools and information at your disposal.
Don’t have your User ID and password? Contact us at 1-800-242-1704
With every life event change, it’s a good idea to review your plan for the future. Each of the situations on this list could mean it’s time to review your savings plan and goals.
Events that could mean more financial stability or flexibility:
- First job
- New career
- Kids move out
- House gets sold
- Inheritance
These can be opportunities to:
- Increase contributions to your plan
- Use up any unused RRSP contribution room
- Invest in a TFSA or Non-registered plan
Events that may mean extra planning is needed over time:
- First car
- Marriage
- Maternity/paternity leave
- New baby
- First home
- Job loss
- New business
- Back to school
- Illness in the family
- Divorce or break up
These can be opportunities to:
- Review and make a new budget
- Take advantage of RRSP features like the Home Buyers’ Plan or the Lifelong Learning Plan
- Invest in an RESP for your child
- Review insurance plans, e.g.: Critical illness or Life insurance plans.
- Review or make a will
Events we all deal with in time:
- Tax time
- Close to retirement
These can be opportunities to:
- Review your tax-sheltering and tax-deferring plans (e.g.: Pension plan, RRSP, TFSA) to see if you are taking full advantage of the tax advantages offered by these plans.
- Review any debts you still need to take care of:
- any major personal items that still need to be paid off (appliances, furniture, equipment, vehicles, etc.)
- major repairs or renovations to your home,
- all major outstanding personal debts.
- Make a retirement budget
- Choose a payout vehicle (Annuity, RRIF/LIF, etc.)
